对于硅基负极，杉杉股份自主开发了硅碳负极均相沉积技术，目前高压实、长循环新型硅碳负极已通过 海内外认证并批量交付。此外，公司还针对性地开发了拓孔低膨胀技术、多孔快充技术和球形高压实技 术，预计在2025年下半年推出相应的系列产品。 在硬碳负极领域，杉杉股份已推出第四代高压密硬碳。该型负极材料通过采用缺陷调控技术和孔结构调 控技术，跨越式提高了钠电能量密度和循环性能，为钠离子电池的产业化提供了极具竞争力的负极材 料，加速推动了钠电池的产业化进程。目前，该材料已实现在钠电、锂电(含半固态/固态电池)和超级电 容领域的规模化应用。 偏光片："LCD+OLED"赋能高端显示 2024年，杉杉股份（600884）研发费用高达10.37亿元，同比增长19.43%，研发费用率攀升至5.55%，创 下历史新高。作为在负极材料和偏光片两大产业处于领先地位的高科技企业，杉杉股份正凭借持续的高 研发投入，在这两大领域掀起技术革新的浪潮。 负极材料：领跑超充、硅基与硬碳三大赛道 作为国内负极材料的龙头企业，杉杉股份在负极材料领域的研发投入成效显著，始终保持着领先的产品 迭代速度，尤其在超充、硅基与硬碳这三大赛道上表现突出。 在石墨快 ...

Core Viewpoint - Shanshan Co., Ltd. reported a total operating revenue of 18.68 billion yuan for 2024, with a net profit attributable to shareholders of -367 million yuan, primarily due to losses from affiliated companies and impairment of non-core assets [1] Group 1: Financial Performance - The company achieved a core business profit of 659 million yuan after excluding losses from affiliates and non-core asset impairments [1] - Operating cash flow turned positive to 1.86 billion yuan, indicating strong resilience during the industry's adjustment period [1] - In Q1 2025, the company reported a net profit turnaround with a 28% year-on-year revenue growth, signaling a recovery trend [1] Group 2: Business Segments - In the anode materials sector, Shanshan maintained its global leadership with a shipment volume increase, achieving 8.20 billion yuan in revenue, accounting for 43.87% of total revenue [2] - The company’s anode materials saw a year-on-year sales growth of 28.44%, with a gross margin increase to 18.45%, up 6.68 percentage points from the previous year [2] - In the polarizer segment, revenue reached 10.32 billion yuan, representing 55.26% of total revenue, with a stable market position despite increasing competition [3] Group 3: Technological Advancements - Shanshan increased R&D expenditure to 1.04 billion yuan, a 19.43% increase, achieving a record R&D expense ratio of 5.55% [4] - The company has developed various advanced technologies for fast charging and silicon-based anodes, solidifying its leading position in the global anode materials market [4][5] - In the polarizer sector, Shanshan has successfully developed products for both large and medium-sized OLED applications, enhancing its market share [5] Group 4: Strategic Focus - The company has streamlined its operations by divesting non-core assets, focusing on the anode materials and polarizer businesses [6] - Despite the restructuring of its controlling shareholder, Shanshan confirmed that its core business operations remain unaffected and continue to perform normally [6] - The company aims to enhance its long-term profitability through increased R&D investment, product innovation, and cost control measures [6]

丨证券研究报告丨 报告要点 [Table_Summary] TCL 科技公布 2024 年年报和 2025 年一季报，2024 年实现营业收入 1648.23 亿元，同比下降 5.47%，归母净利润 15.64 亿元。2025 年 Q1 实现营业收入 400.76 亿元，同比增长 0.42%， 归母净利润 10.13 亿元，同比增长 321.96%。光伏方面，TCL 中环 2024 年归母净利润-98.18 亿元，2025 年 Q1 归母净利润-19.06 亿元，环比改善 49%。光伏业务走出低谷，符合我们此 前减亏的判断。大尺寸 LCD 量价齐升、OLED 扭亏为盈、LG 广州线交割并表、少数股东股权 回购多点开花助力基本面爆发。 分析师及联系人 [Table_Author] 杨洋 谢尔曼 SAC：S0490517070012 SAC：S0490518070003 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 公司研究丨点评报告丨 TCL 科技（000100.SZ） [Table_Title] 开门启新，多点开花 TCL 科技（0001 ...